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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The current and deferred expense is as follows (in thousands):

	Year Ended December 31,
	2018				2017
Current provision:
Federal	$	—			$	(775	)
State	—				(221		)
Total current benefit	—				(996		)
Deferred (benefit) provision:
Federal	44				(6,276		)
State	21				21
Total deferred provision (benefit)	65				(6,255		)
Total provision (benefit) for income taxes	$	65			$	(7,251	)

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were as follows (in thousands):

	As of December 31,
	2018				2017
Deferred income tax assets:
Net operating losses	$	29,782			$	21,657
Promissory note - debt discount	108				—
Accrued compensation	648				—
Stock compensation	1,552				292
Research and development credit carryforwards	2,436				2,109
Deferred rent	7				11
Intangible asset	3				3
Valuation allowance	(34,536		)		(24,072		)
Total deferred income tax assets	—				—
Deferred income tax liabilities:
Intangible amortization	(15,055		)		(14,990		)
Total deferred income tax liabilities	(15,055		)		(14,990		)
Net deferred income taxes	$	(15,055	)		$	(14,990	)

Schedule of Effective Income Tax

A reconciliation of the difference between the provision (benefit) for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (in thousands):

	As of December 31,
	2018				2017
Income tax at statutory rate	$	(9,828	)		$	(3,988	)
State income taxes, net of Federal benefit	16				(132		)
Research and development tax credit	(175		)		(145		)
Change in Federal tax rate due to tax reform	—				3,221
Stock compensation	416				338
Promissory note - debt discount	105				—
Revaluation of contingent royalty obligation	2,205				—
Meals and entertainment	17				3
Valuation allowance	7,309				(6,548		)
Income tax provision (benefit)	$	65			$	(7,251	)

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	As of December 31,
	2018				2017
Beginning balance	$	2,109			$	1,812
Increases to current year tax positions	326				297
Ending balance	$	2,435			$	2,109

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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